PHILADELPHIA (AP) _ Brandywine Realty Trust (BDN) on Wednesday reported a key measure of profitability in its fourth quarter. The results matched Wall Street expectations.
The real estate investment trust, based in Philadelphia, said it had funds from operations of $55.7 million, or 32 cents per share, in the period.
The average estimate of four analysts surveyed by Zacks Investment Research was for funds from operations of 32 cents per share.
Funds from operations is a closely watched measure in the REIT industry. It takes net income and adds back items such as depreciation and amortization.
The company said it had net income of $29.5 million, or 17 cents per share.
The real estate investment trust posted revenue of $129 million in the period, which topped Street forecasts. Three analysts surveyed by Zacks expected $127.8 million.
For the year, the company reported funds from operations of $238.2 million, or $1.38 per share. Revenue was reported as $506.1 million.
Brandywine Realty Trust expects full-year funds from operations to be $1.12 to $1.20 per share.
The company's shares have increased 5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $6.47, a drop of 50% in the last 12 months.